Woman Who Paid Off $27K In Credit Card Debt In 9 Months Reveals The One Thing She Wishes She’d Done Differently
She insisted that it's something most people will be able to benefit when it comes to alleviating some of their credit card debt.
Kite_rin | Shutterstock With most Americans struggling to make ends meet, paying off any type of debt, whether it's credit cards, student loans, house payments, or car payments, has become quite a struggle.
When it comes to credit cards in particular, though, a staggering number of people are currently finding themselves trapped in an endless cycle of trying to tackle their debt.
However, a woman named Gabriella, who managed to pay off her credit card debt in just nine months, shared in a TikTok video that if she could go back and do things differently in regards to her debt, there's one thing that could've made it a whole lot easier.
A woman revealed the one thing she wished she'd done differently after paying off her credit card debt in 9 months.
"I paid off $27,000 of credit card debt in nine months, and if I were restarting that journey, one thing that I would do differently is call all of those credit card companies and try to get a lower rate," Gabriella insisted.
The woman said she didn't even know it was possible to negotiate with credit card companies until a month before the scheduled end of her payoff journey.
Gabriella recalled that she had a Capital One card and a Discover card, and when she called Capital One, they refused to give her a lower rate for anything despite calling three separate times to see if they would change their mind.
However, with her Discover card, when she called customer support, within 15 minutes, Gabriella was able to go from $28.99 interest to a $9.99 interest rate, which dropped her minimum payment to just $40. Gabriella pointed out that this was something she wished she'd known about sooner because it would've made paying off her credit cards a much easier and cheaper process.
"All I know is my interest rate dropped, and this is very helpful because instead of getting charged 28% interest for six months, you're getting dropped to 9%," Gabriella continued. "Now, you can focus on whatever debt you might be paying off that is first."
Gabriella's advice could do wonders for many people because of how many individuals are currently in credit card debt and how many people are unaware that credit card companies do have the tools to exacerbate the debt their customers are in.
About half of American cardholders are in debt.
According to a 2024 Bankrate survey, one-half of American credit cardholders carry a credit card balance from month to month. That’s 50% of cardholders, compared to 44% in January 2024 and 60% in March 2020. The likelihood of having credit card debt increases with age until the boomer generation, as well.
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Forty-two percent of Gen Z cardholders (ages 18-27), 53% of millennials (ages 28-43), 60% of Gen Xers (ages 44-59), and 48% of boomers (ages 60-78) carry a balance month to month.
"Credit card balances fell sharply in 2020 as many Americans spent less during the pandemic and used stimulus funds to pay down debt," explained Ted Rossman, a senior credit card analyst with Bankrate. "Since the beginning of 2021, however, credit card balances have been off to the races.
According to Federal Reserve data, "Americans owe 45% more now on their credit cards than they did in early 2021. And the credit card delinquency rate is at its highest point since 2011."
Considering a large majority of people are living paycheck to paycheck, paying off their credit card debt is probably the last thing they want to worry about and are actively trying to pay off. Most families are more concerned about putting food on the table amid a surge in grocery prices that are only going to get worse in the new year and paying all of their other necessary bills that keep the lights on.
However, with Gabriella's advice, hopefully, more cardholders can start to take the necessary steps to alleviate some of their credit card debt because, contrary to popular belief, these credit card companies definitely have the power to assist.
Nia Tipton is a staff writer with a bachelor’s degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.